There’s a strange thing about the fear going through the global mining industry after the Democratic Republic of Congo signed an order to lift royalties last week: Compared with most other countries, these levies are still relatively low. The existing 2 percent rate on copper extraction compares with royalties five times that level in Chile and Peru, the two biggest ...

President Donald Trump’s approach to trade mainly offends allies for no reason, counters imaginary threats, and undermines deals that benefit the US. At the same time, his administration is also addressing a legitimate trade dispute: China’s alleged theft of intellectual property and forced technology transfers. True to form, the president appears to favor a response that would make the problem ...

The government of French President Emmanuel Macron recently announced an ambitious effort to reform the SNCF, the national railway operator. It’s an endeavor that puts Macron on a straight collision course with France’s most obstreperous unions. This is exactly the sort of direct confrontation that Macron has thus far avoided in his attempts to reform France’s sluggish economy. If the ...

Ignore the noise. China’s long-delayed property tax is probably still at least three years away, despite a flurry of recent announcements. The concept of a levy on homeowners collected by local authorities is certainly gaining currency. Premier Li Keqiang said China “will steadily push forward legislation” in his annual report to the National People’s Congress. The tax may be based ...

The central issue in British politics is not, as you might have thought, Brexit. It’s housing. New analysis shows that Britain’s long-festering housing shortages contributed to the 2017 election that cost the Conservatives their majority. While Brexit divisions cut across party lines, Britain’s housing problems overwhelmingly benefit Labour. Now, it seems the government may finally be grasping the extent of ...

Bloomberg Deutsche Bank AG plans to raise as much as 1.8 billion euros ($2.2 billion) in an initial public offering of its asset-management unit, a key pillar of the German lender’s turnaround strategy. The offering values the asset manager at as much as 7.2 billion euros, a valuation that would align it with its bigger peer Amundi SA. Nippon Life ...

Bloomberg VBS Mutual Bank, one of South Africa’s smallest lenders, has been put into administration after it was unable to repay money owed to municipalities, according to the country’s central bank. The management team has been relieved of its duties and a curator from the auditing firm SizweNtsalubaGobodo put in place following a “severe liquidity crisis,” Lesetja Kganyago, governor of ...

Bloomberg Agricultural Bank of China Ltd. said it aims to raise as much as 100 billion yuan ($15.8 billion) in what would be the biggest-ever follow-on share offering by a Chinese company as it moves to replenish capital. China’s third-largest lender will sell up to 27.5 billion shares to seven state-linked entities including the country’s Finance Ministry, Central Huijin Investment ...

Bloomberg Egypt selected four European banks to manage its first euro-denominated bond sale, taking advantage of lower borrowing costs in Europe as it looks to secure funding to plug the budget deficit. The government picked BNP Paribas, Deutsche Bank, Standard Chartered and Intesa Sanpaolo for the issuance worth between 1 billion and 1.5 billion euros that’s slated to be held ...

Bloomberg The Polish central bank could yet waver on its commitment to keep interest rates stable. While three of Poland’s biggest lenders said Governor Adam Glapinski last week delivered the most dovish briefing of his tenure, its message was still so nuanced that some in the market are having second thoughts. The zloty, after a brief decline, has settled down ...